William E. Oberndorf Joins Calpine’s Board of Directors

January 05, 2011 05:02 PM Eastern Standard Time

HOUSTON--(BUSINESS WIRE)--William E. Oberndorf has been elected to the Board of Directors of
Calpine Corporation (NYSE:CPN) effective January 1, 2011. Mr. Oberndorf
is a founding partner of SPO Partners & Co., a private equity investment
firm which holds approximately 21 percent of Calpine’s shares. Mr.
Oberndorf was elected by the Board to fill the director seat held by
William J. Patterson, Calpine’s former board chairman and managing
partner at SPO Partners until his death in September 2010. J. Stuart
Ryan, a venture partner with SPO Partners and a Calpine Board member
since January 2008, was named Chairman of Calpine’s board on November 3,
2010.

Mr. Oberndorf currently serves as chairman of the boards of directors of
Aggregates USA and Rosewood Hotels & Resorts, on the investment
committee of Hotel Equity Funds and as director emeritus of Plum Creek
Timber Co. Previously, he was board chairman of Voyager Learning Company
and a member of the boards of Taft Broadcasting Company and Wometco
Cable Television Corporation.

“Bill’s business and investment acumen and experience make him
particularly well-suited to represent our shareholders in providing
guidance and oversight to management,” said Calpine’s Chief Executive
Officer and President Jack Fusco. “We are delighted to have Bill on the
Board and look forward to his contributions to our vision of becoming
the premier independent power company in the nation.”

Mr. Oberndorf also serves a number of non-profit organizations with a
particular emphasis on education reform. He is currently chairman
emeritus of the American Federation for Children and the Alliance for
School Choice and remains a board member of the latter and is a trustee
of the Thacher School in Ojai, California, The University of California
San Francisco Foundation and the University School in Cleveland, Ohio.
He formerly served as trustee of Williams College, the Stanford
University Graduate School of Business Trust, University High School in
San Francisco and the Bay Area Discovery Museum. Such activities have
earned Mr. Oberndorf honors from the Black Alliance for Education
Options and the Philanthropy Roundtable. He is the 2010 recipient of the
John T. Walton Champions for Education Choice Award.

Mr. Oberndorf earned a Master of Business Administration from Stanford
Graduate School of Business and a Bachelor of Arts from Williams College.

About Calpine

Founded in 1984, Calpine Corporation is a major U.S. power company,
currently capable of delivering approximately 27,500 megawatts of clean,
cost-effective, reliable and fuel-efficient power from its 91 operating
plants to customers and communities in 20 U.S. states and Canada.
Calpine Corporation is committed to helping meet the needs of an economy
that demands more and cleaner sources of electricity. Calpine owns,
leases and operates low-carbon, natural gas-fired and renewable
geothermal power plants. Using advanced technologies, Calpine generates
power in a reliable and environmentally responsible manner for the
customers and communities it serves. Please visit our website at www.calpine.com
for more information.

Forward-Looking Information

In addition to historical information, this release contains
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. Words such as “believe,” “intend,”
“expect,” “anticipate,” “plan,” “may,” “will” and similar expressions
identify forward-looking statements. Such statements include, among
others, those concerning expected financial performance and strategic
and operational plans, as well as assumptions, expectations,
predictions, intentions or beliefs about future events. You are
cautioned that any such forward-looking statements are not guarantees of
future performance and that a number of risks and uncertainties could
cause actual results to differ materially from those anticipated in the
forward-looking statements. Please see the risks identified in this
release or in Calpine’s reports and registration statements filed with
the Securities and Exchange Commission, including, without limitation,
the risk factors identified in its Annual Report on Form 10-K for the
year ended Dec. 31, 2009, and its Quarterly Report on Form 10-Q for the
quarter ended Sept. 30, 2010. These filings are available by visiting
the Securities and Exchange Commission’s website at www.sec.gov
or Calpine’s website at www.calpine.com.
Actual results or developments may differ materially from the
expectations expressed or implied in the forward-looking statements, and
Calpine undertakes no obligation to update any such statements.